News
15 Hudson Yards Closes $1.3B in Financing
A $1.3B financing package for Related Cos and Oxford Property Group’s 15 Hudson Yards closed Monday. It’s a mix of equity from the two developers and a sovereign wealth fund, tax-exempt bonds from the NY State Housing Finance Agency, and an $850M construction loan from The Children’s Investment Fund.
The bonds were sold to an undisclosed buyer, according to the Commercial Observer. The 70-story, 960k SF mixed-use tower’s already being built and it’s expected to be done by 2018. It’ll have a high-end hotel, 285 condo units and 106 affordable rental units. It’s one of two residential towers Related’s teaming up with Oxford to develop at the complex. [CO]
